If you need to buy and sell at the same time, there are three ways you can do it.
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How do you buy and sell a home at the same time? There are three strategies you can pursue: buy first and then sell, sell first and then buy, or do a concurrent sale.
Before you try any of these, though, there are a couple steps you should take. First, review your finances. Getting pre-qualified with a lender will let you know exactly how much home you can afford for your next purchase. You should also discuss what you can sell your home for so you can determine your equity and what you’ll be able to set aside for your down payment.
Now, which strategy should you choose? Each one comes with its benefits and drawbacks, so the answer depends on your circumstances.
Getting pre-qualified with a lender will let you know exactly how much home you can afford for your next purchase.
If you choose to buy first, you can enjoy your search without the pressure of needing to sell beforehand. You also wouldn’t need interim housing and you can move without rushing. However, with this option, you’re exposed to having to pay two mortgages at the same time. Also, you wouldn’t know what kind of equity you have in your home until you sold it.
If you choose to sell first, you’ll know exactly how much equity you have in order to purchase your next home, and you wouldn’t have to worry about paying two mortgages at once. You would have to worry about finding some type of interim housing, though.
To do a concurrent sale, you need to do a lot of planning beforehand and be flexible. In particular, you want your home inspection and repairs to be done early so you can get the ball rolling on your sale.
If you have any more questions about buying or selling at the same time or you have any other real estate-related needs, don’t hesitate to reach out to me. I’d be happy to help you.